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Citizens Advice’s response to FCA consultation on Rules and guidance on payment protection insurance complaints

14 Ebrill 2016

Citizens Advice responds [ 330 kb] to the Financial Conduct Authority consultation on a deadline for PPI complaints.

Citizens Advice believes that whilst a deadline for PPI complaints is welcome, the deadline should be three years rather than two years.  The FCA should also work with the Ministry of Justice Claims Management Regulator to ensure that a cap on the fees claims management companies can charge for PPI claims is in place before the deadline comes into effect.  

Whilst we welcome new rules to ensure that firms deal with complaints about commission on PPI in the light of the Supreme Court’s decision in Plevin, we do not agree that the tipping point for awarding compensation should be 50 per cent of the PPI premium.  It is unfair to consumers and fails to take into account the thinking of the Supreme Court in Plevin.  We think it would be fairer if the tipping point was 25 per cent of the premium.